Evening Star Newspaper, August 12, 1922, Page 11

F INANCIAL i D. .C, SATURDAY, AUGUST 12, 1922 FINANCIAL BANKS SHOULD ASK - FULLPROTECTION In the Matter of Paying on Coal Shipments. Formulas. © BY L A. FLEMING. Financing emergency coal ship- ments made by order of the federal fuel administrator, under a form of guaranty of payment, just issued, makes it imperative that a bank or trust company shall agree to pay sight drafts for the amount drawn, under the Hoover fair-price agreement. But the agreement for the guaran- teeing of the payment of the bill on sight does not give the bank the usual precautionary safety of a bill of lad- ing, mor yet notification of the ar- rival of the shipment at destination. The form, as specifically prepared, Is as follows: FORM GUARANTEEING PAYMENT OF BIGHT DRAFT FOR EMERGENCY COAL. ity or Town. Bt Date. Payment {s hereby guaranteed for coal ship- ped on Federal Fuel Distributor's order Nv. to (Consignee), “‘Hoover. fair price” up to a total amount of dollars, such payment will De remitted promptly on the submission to this bank of a sight draft drawn on this bank by the shipper accompanied by a statement of the cars ehipped. giving car numbers and weight and the upon Hoover fair prices in the shipper's district. (Signed) Bank or Trust Co. Consignee. Protective Measure. It would seem as if the banks, in order ta protect themselves, under the ecircumstances, should require from the consignee of the coal shipped under priority order, a guaranty against any loss through payment of sight drafts drawn against reported shipments upon which the bank has only date of shipment, price to be (Bigned) paid and number of cars reported shipped. It is believed that the form of guaranty given to the banks should provide for all shipments that may be made to the consignee, maintaing the banks or trust companles in meeting the obligations and at the same time releasing them from all responsibility as to the arrival of the coal paid for, weight as reported, loss or dam- rom any source and reimbursing for all expenses, charges, advances, etc, with authority to charge to the account of the consignee, and, if deemed advisible, to require from the latter certain collateral deposits, as additional guaranty that the bank will be protected. Hhis guaranty and its provisions should be kept in force pending the completion of all possible coal allot- ments under fuel distributor's order. » B. & A. Report for June. The June report of the Washington, Baltimore and Annapolis electric rail- road shows gross receipts from all sources of $209. Compared with June, 1921, this is a decrease of $28,- 079, but the company effected a re- duction of $17.268, making the reduc- tion in gross income only $11.4 After payment of bond Interest and the other interest and deductions company had a balance of $19, compared with $30,994 last year. a de- creagse of $11,458. For the twelve months _ended June 30 the company reported a balance of $50.117. m- pared with $187,974 in the preceding twelve months, or a decrease of $13 FINANCE AND TRADE NOTES. General American Tank C: ports approximately $21.000,000 orders for first six months of 1 as against $14,900.000 for entire year of 1921. Crude oll production in all flelds in the country was 1,509.317 barrels last week, a gain of 11,860 over pre- vious week. C. B. & Q rail loadings for first seven days of August were 37,085, against 34,527 for same period a year ago. Pennsylvania shop forces now are reported to be within 14 per cent of the normal number of workers. Dillon Read & Co., report issue of $21,150,000 Philadelphia Rapid Tran- 8it 6 per cent equipment trust cer- tificates all sold. British coal output of 49,489,100 tons is an increase of 20 per cent over output for previous week, ended July 22, when the total tonnage was 4,390,800. International Nickel reports a loss of $59,5675 after charges and taxes for quarter ending June 30, as against a profit of $179,402, or 2 cents on common in 1921 For six months ending June 30 American Locomotive reports a net loss from operation of $966,780, as against a profit of $3,901,043 in first six months of 1921. Equitable Trust of New York, head- ing syndicate which offered $3,926,- 000 equipment trust 6 per cent gold notes of Boston and Maine reports is- sue oversubscribed. International Paper has again ad- vanced price of newsprint $5 a ton to $80. The new price is to apply on Beptember business. Last month the price was advanced from $70 to $75 a ton. The $5 advance applies on transient and new business. Sixty-two per cent of 793,080 of TUnited States Retail Stores has been deposited for conversion, under plan for absorbtion by Tobacco Products, thus assuring control. This will re- quire issue of 165,800 7 per cent non- cumulative class A shares and 325,000 gommon of Tobacco Products. If 198,000 or 197,000 of old Tobacco Products shares common are con- verted it will bring total class A shares outstanding up to 360,000. GOTTON MARKETS. NEW YORK, August 12.—The cot- ton market opened steady at an ad- vance of 4 to 13 points on rather a more hopeful view of European con- ditions and further covering. Some trading buying was also reported on the advance, which extended to 21.28 for December contracts right after the call, or about 12 to 13 points net higher, but there w: considerable realizing for over the week end and the selling became a little more act- ive on private reports that it looked more like rain or showers in the southwest. December soon eased off to 21.12 or 3 points net lower, but the 1o 2112, or 3 points net lower, but the market showed a fairly steady under- tone at the decline. Futures “opened steady; October, December, 21.20; January, 21.04; h, 21.09; May, 21.08. NEW ORLEANS, August 12.—Week end liquidation of the long Interest put the price of cotton 1 to b points lower around the opening today, but a fair demand arose on the better feeling regarding. the rail strike sit- uation, and toward the end of the first hour of trading the active months ‘were sent 4 to 13 points bigher than the final prices of yesteyday. After trading down to 20.75, October rose to 20.92. The weather map was dry over the western belt, and this increased the steadiness of the market. Futures opened steady: Octobe: 20.76; December, 20.70; January, 20. March, 20.58; May, 20.53. WEEKLY WOOL REVIEW. 12—The Commer- kets keep steady in dverse factors af- the moment, espe- elally the strikes and the tariff. De- mand has been of fair proportions and prices are gen firm. Little businesa is reported from the west. ““The goods market appears to be fairly healthy, and the prospects at the moment seem to favor higher for goods, unless wages are the wool manufacturing prices £ lomgln NEW YORK STOCK EXCHANGE | Received by Private Wire Direct to The Star Office i ON NEW —_— . Close. UNITED STATES WAR BONDS. Obes. e L T4 | Otts Bteatpe. ... T T T Close: High. Low. Close. (Adums HEpIgen % 20% 21%|Owens Bottle. ... 3% o | Liverty 334s, 1002.47..... 10094 10094 10094 Adv Rumley, 5% 6% 55 Liberty 2nd 48 192742... 10048 10042 100 42 Adv Rumley pf. 1% 1% 1% |PacDevelopment.. 6% 6% 6% 6 | Liderty st 414s 198247, 10134 10124 10134 Afax Rubber. % TN s 78 |PacGas&Elec.... 704 % T% 7T4% | Liberty 2 4% 102743.,. 10054 10062 10052 Allled Chemls . 2 536 63% |PacificOll........ 53 63 62% 63% | Liberty 84 ¢34 1928. 10056 10052 10066 AmsC il 74 | Pac Tel&Teleg Df. 873 &% 87% 87 | Liberty 4th 439 193338, 10128 10124 10124 46 |Pan-AmerPete.... 75% 78 5% 75% | Victory 4%s (called).... 10052 10048 10050 ;lnl-fll;alm ;B) . % 71 70 ‘71 | Vietory 4%s1828....... 10086 10084 1004 aris] ngham. Plnl!lylv.nl-‘. :::: :::: ::’y: ::& FOREIGN GOVERNMENT, STATE _ !;nnn Seabd Steel.. 7% T T % AND MUNIcl;‘A‘:- L G eople’s Gas. L tow.Olev. Per:h(quue e. :ul% :% :;% Argentine 7s. . 401 100% lg: s. A AmHIde & Lehrpr. m T% T T%| i Company. o4 % 4o Bordeaux 6 L sk 8% €A AmTce........... % MUl NI M| Yo% 10 104 |Brazilés 101 100% 100% Am International.. 8% 3% ST 37 | blerce-Arrow pf.. 204 2 20w Brazil T w w ® AmLinseed. ...... 34 84 84 8 |pig S5 "V e ma | Brazil7ige. T U0 sen s 89 Am Locomotive. @ 48 4 |Canadabs1926. Am Radiator. . §14 6% 67% | Canada 5341929, . Am Safety Razor. . W% 4% 4% Canada5s1931. Am Ship & Com. Pond Creek Coal. 2% 21% 24 |Canadabs1962. Am Smeiting Postum Cereal 7S gy | Ohlle 1926 Am Smelt Sec 31% 7% | Chile 851946 Am Steel Fdy . 121 121% Chile 8s 1941 Am Steel Fdy pt.. 2% 2w | Christiania 8 Am Sugar. ........ | Copenhagen 5%s. . Am Tel & Cable 16% 6% 16% 16% Czechoslovakia 8s. Am Tel & Teleg Reading.......... 76% 76% 76% 7o% Denmark 8s. Am Tobacco. .. Remington Typr... 36% 3% S6% 8% Denmark 6s. Am Tobacco (B) Rep Iron & Steet 431 | Dutch East Ind 65’47 Am Water Wks. Rep Iron & Stl pf. butch EastIsf6s'62.. 9% 9% % Am W Wksé%pt. 40 40 40 40 | pep Motor Truck. . French Govt 8s. 100% 100% 100% Am W Wks 7% pf. Ss% 8% 8% E%|pevnolds (B) French Govt 7% 99 9ot 9% Am Woolen. ...... 9% ;1(% m :}“’* Royal Dutch. ... .. i?:lvanesse 2d 4% L % :v. gv- Am Writing Prpf.. 31% b . yons 6s. . 8 Am Zinc &id p‘:, D 4% 46% 6% 6% |StL & SanFran... Montevideo 7 LM% MM % s onda e J 7 53% | St L & San Fr pf., Netherlands 6s. - oY% 91 W Asso Dry Goods 56 1St Louts Southwn Norway 8s....... T ne% i Atchison.. el 101 | St Louis Sown pt. Forto Alegre 8s. .100% 100% 100% Atlanta Bir & Atl.. 8% | Saxon Motors. ... Prague T4s. 8% 83 8% ‘Atlantic Fruit Co. 2 |Seaboard Air Line. Queensland 7s 109% 109% 109% Atlantic Gulf...... 82 82 Si% 81} |Seaboard A L pt Rio de Janelro o8ls 98% ‘Austin Nichols. 28 8% 8 2% | Sears Roebuck. %% 98% Auto Sales. . 3 3 s 3 |Sinclair ONl i San Paulo, City of, 8s... 9% %% % Southern Pacific. eine, Dept of, 7s. 91 0% W% Balawin Loco. 1205 124% 124 IZQV Southern Railway. eden 6s. .. L 104% 104% 104% Balto & Ohto. &% &7 I BT | Southern Ry pf.... Swiss Confed s f 8 T119% 119% 9% Beechnut Packing.. 8% 3% 8 7 | Spicer Mfg Co. 1'td Kingdom 5%s'22.. 40 110 110 Beth Steel. . . T T | Standard Minl T g Utd Kingdom 5%='29.. 110 109% 109% ‘Beth Steel (B) ‘k“‘_ Stand Ol of Calif. Utd Kingdom 6%s'37.. 106 104% 106 Booth Fisheries. nmg | Sand Ollof N {Zurich $s... n3 b3 n E . Sterling Prox gl‘;\‘;: gndnltsao'?m Tt % 2% | Studebaker. .| . MISCELLANEOUS. = Brown Shoe...... 8 & 8 8 |submarine Boat Am Cotton Oil 5s. . Bl Burns Bros (A)... 136t 13#% 136% 138% ] quperior o1, Am Smelting 18t 5s.... 9% %% - Burns Bros (B)... 49 497y 9% 4% Am Sugar Ref 04 103% Butte & Supetor... 30 30 30 30 |TemtorCorn (A).. 213 215 21 215|AmTel& Telcv6s..... 116 115% 16 o 1o |TennCopper... . 101 10% 10 10 |AmTel&Telcltris... %% CaddoOll..... 0% 10 TexasCompany... 46% 6% 46% 6% |Anton Jurgens cv 6s. 82% California PCkng. 2% ‘-; Texas Gulf Sulphur 484 4s% 48% 4s% | Armour &Co 4%s . 91 Callahan Zinc 8t 5 Texas & Pacific.... 321 32% 32 g2 |Atlantic Refining 5s w1 9% California Petrol 0% i |Texas& PC&OI.. x4 204 20 244 |Atlantic Refining 6%s. 1034 Canadian Pacific M1 1 | Tobaceo Prod. . 54% L% B4l bavy | Bell Tel Pa T s Case Threshing. a 2 | Tobacco Prod A... a1 Bethlehem S Case Plow Works. : 208 Tobacco Prod rts. .. 24% Can Gen Elec deb 6s. ... 102% 102 IIO‘Z% Central Leather. 9:“ :_,“; Tobacco Prod pfd. 107% Cerro de Pasco 8s. . 125 125 llS_’ Central Leath pf. T8 v | TolStL& West. . s1% Chile Copper 63. L® w% 2% Cerro de Pasco ¥, 5| Transcontion.... 13 Columbia Gas 5s. . D95l W% %k Chandler Motor. Lol Con Coal MA st ref 55... @ 9% 9% Ches & Ohio. % 64| Union Bag & Papr 6% Cuban Am Sugar 8 S oo Chi& Alton. .....- % 1% gnion Oil. ... 213 Cuba CanoScvdebss... 2% 92U 9% ni& ETNof (n). 5% 67 8% 67 | (nion Paciflc. i Diamond Matca s £ 7%s. 107% 107% 107% Chi Great Westrn.. §% 8% &% 8;: Union Pacific pf... 77% Du I'ont de Nem 7%s8. ... 107% 107% 107% Chi Great W pf. . 2% 2% 2.l'>'4 2:. Union Tank Car.. 100% 101% 100% 101% { Duquesne Light 6s. 104% 104% 104 Chi Mil & St P. 31% | United Alloy Steel. 37% 37% 87 8% | Empire Gas & Fuel 98l s'e 98% Chi Mil &St Ppf... o | United Fruit.. 14Z% WT% WT% 145% | Fisk Rubber 8s. . U | &ni & Northwn... Utd Paper Board.. 2 20 2 2 |FramericanlD 73s.... 9% %4 9% Chi Pneumat Tool. . - | United Ry Inv.. 15% 16% 16% 15% | Goodrich, BF,6hstc 101% 1% 101% ChiRT & Pacific United Ry Inv pf. 321, 5214 31's 31% | Goodyear Tire 8s'31. 99 99 ChiRI&P 6%pf.. United Retail Strs. 65 €5% 65 65% | Goodyear Tire 8s'41. 114% 16 Chile Copper U S Cast It Pipe Y Holland American s f 65. 89% 89% (8% Chino Copper . U S Food Prod Humble O & R 5%s8 w 1. 100% 100 100% Coca-Cola. U § Indus Alcol Inter Mer Marine 6i L%k W 9% Colo Fuel U S Realty Inter Paper 1st 5 8% & 8% Coio & Southern. .. U S Rubber. Kelly-Springfeld 8s..... 108 108 108 Columbia Gas. ... U S Steel Liggett & Myers 58 L100 100 100 Columbia Graph. .. 3% 1 Utah Copper. Liggett & Myers 7s. L 116% 116% 116% Columbia Graph of. 13 13 Utah Securitie Corliard s, ... e 2 s Gasof N'Y... 4 Manatl Sugar s T 9 Gons Textite. I 10% 104 10 Vanadium Corp. .. i Detroleum Ba. .. 105% 106% 108% Cont Can. .. 7 Va-Car Chem pf.. Midvale Steel 58. £8% B% B8% Corn Products Viadon . ooalens Slontana Power 5 99 % 9 | Sosuen & Co. { New England Tel 53 B s o Wabsshof (A).... St Ny Yfll’; ;!} :: }::; 5 :03” 107 07 Webber & Heilbrn 134 New York Tel Teste % %% ‘ i New York Tel 4%48...... %! %% S ol etarnMa. North Amer Edison 6a... 2l ©2% CubataneSugar. 1sh 184 184 104 | Festorn 1d 20 2% 204 20% | Nor Ohio Tr & Liref 6s... S %% Y% CubaCaneSpf... W% % = 3| TestomPache .. 1o 10 1 15 | Northwest Bell Tel 7s. .. 1075 10% 1077 . 5 . 9% 1 Davidson Chem iy 8% 8% 8% | Westhse E&M.... 6% 61% 6114 61t Pncl;l_c‘cz’!t: ?; e % ‘-gz u“ D e udson.... 125 155 125 125 | Wheeling& L 16 a0 4 k| EacTe 0% 1077 100% 133 g Packard Motor 88, . 101% Del Lack & Wstn.. 133 138 133 White EagleOil.. 26 26 2 25 P&TT 101 Detroit Edison... 11l 11 N1 I |WhiteMotor...... & % g |Ean-Amer P&T T 9% Dome Mines. . 33% S3% 82% 32% | Wickwire Spencer. 1% 1% 1y | Eniladelphia Co o Wilson Company. % Plerce Ofl deb 8s. ... % 6% ang, 48 % 4% | progucers & Ref 88 101 Eastman Kodak.. 6% 76% T Willys-Overland... 6% 7 64 7 u = e Elk Horn Coal..... 20% 2% 2% 2% |WillysOverland pf. 37 40 o7 - 4 |Fublic su--nc;oi 8. i Ly Emerson-Brant... 8 8 8 8 lWorthington Pmp. 49% 9% 4% 4oy | Sharon Steel Hoop i ioe e R L o s, - . 8 s Thdieott Jorme T 1T 1T HOURLY SALES OF STOCKS. _|SincCrudeOil5%s . %% %% %% Erie 1st pf. ' 5;:: 1lam.... 46500 12m..... . 282000~ | Sou §°.§‘,;’§.,‘fi‘§ ’S:l‘ ::: :%‘/r m% bt Tobntco Proa L 8. ... 107% 106% 107 Famous Players. . SOME SHARP REVERSALS; |UnionBag & paverta-.dun st i { Famous Players pf. Fed Mines & S pf. Fisher Bof O pf Fisk Rubber. Gen Am Tank Car. Gen Asphalt Gen Cigar de Gen Electric Goodrich? . ... Granby Congol. Gray & Davis. ... .. Great Northern pf. Greene-Cananea. Gulf Mo & Nor pf Gulf States Steel. .. HarbishawCable.. 2 2 2 2 Hartman Corp wh 8% BY% BR Houston Oll. . % B BB Hudson Motors... 2015 015 2014 203 Hupp Motors. 17% Hydrauiic Steel 8% 1llinois Central. 109% Inspiration. .. a% { Interboro Metro 1% | Interboro Met pf. 56 % 4% Intl Agri Chem pf 39 3% % Intl Cement 81 31 Intl Combustion 8% 2% Intl Harvester. mo % Intl Mer Marine. u% 14 Intl Mer Marine pf. 65% 65% 6% 65% Intl Nickel n% I 1% Int] Paper 5% 66% 66T Intl Paper (sta)... T¥% 7% 7% 7% Invincible Ofl. 180 13 Cas s s Island Oil. % % % % ' Kansas&GulfCo.. & Kansas City Sou. 23 Lackawanng Steel. 80 80% 79 79% Lake Erie& W.... 3% 3l% 3% 314 {Lee Tire & Rubber. 21% 2I% 2% 2% Lehign Valley..... 6% (6% €6% €6l 85 55 b 16% 16% 12 2 12 122 6% Bl %y 8% 364 Market StRy. . 8 8 Market St prior. . 6 % Market St Ry pf. % 38 Marland Oil. % 38% Martin-Parry. 2 29y Maxwell (A). B5% 1% Maxwell (B). 1% 19% May Dept Stor 28 174 Mclntyre Porcu... 19 19 19 m s s 2% 223 Mexican Sebdctfs. 20 20 20 Miami Copper..... 20% 20% 29% Middle States Ofl.. 12% 12 12% Midvale Steel. ... 5% 4% non 18% “% 13 1% Montana Power. .. Montgomery Ward. 25% Mother Lode Cltn. 104 ’ Natl Cloak & Suit.. 51 atl Enameling. eegugyze geanagy & NYChi&StL2d. 86 N Y N H & Hartforc 31% . 81% Norfolk & Western. 115% 116% '115% North American... 5% 5% North American p! 4% “% Northern Pacific. .. 8% 2 F ' BRIRENtIgasT 380 Union Tank Car T United Drug cv 88 U S Rubber 1st 58. U S Steel s £ 5s. COTTON MARKET NERVOUS NEW YORK, August 12.—The sell- | ing movement which developed right | Utah Pow & Light 5s. % 9Nk 9% after the advance on the government's | va.-Car Chemica . %% W% W% end July crop figures continued dur- | ya-Car Chemical 7%8... 1014 105% 1054 ing the eariier part of the week. ¥t |(warner SUgar is. 08 13 163 looked as though the attention of the | wartes Tynion 63 L2414 N2k trade was shifting from the considera- | Ze8 (0 o use 7. . 108% 1084 108% tion of small crop estimates to un- | West "EN R e, Y favorable general business conditions, | Whsen & €2 (S0 and, judging from prevailing expre: sions of opinion, there was a tendency to discount a decline under the welght of the new crop movement. Selling on this theory was doubtless Wilson & Co cv 68 NOVEL RAZOR FOR WOMEN. promoted by reports of showers or rains in the southwest, complaints of a poor spot demand, and reports that southern selling here represented hedging against both old and early new crop cotton. Offerings tapered off, however, after a break of nearly | 3 cents per pound or to about the 20- fcent level, and there were very sharp recoveries toward the end of the week owing to renewed nervousness over the progress of the crop and claims of a better trade demand. Conflicting opinions have been ex- pressed as to crop conditions in the southwest. The showers reported at some points were considered suffi- clent to relieve the drouth and the lower temperatures were commented upon as a favorable feature. On the other hand, it has been quite general- 1y claimed that the rains were ade- quate over only a comparatively small proportion of Texas, and that In other sections the crop has de- teriorated with increased insect dam- age resulting from rains or showers east of the river. These views, combined with reports that midmonth crop condition figures showed fully or more than the aver- age falling off for the first half of August, evidently led to active cov- ering, but after selling up from 20.05, the low price of Wednesday, to 21.44 for December early yesterday afte noon there were reactions accom- panied by talk of an easier technical position. One of the private mid- month reports made the condition of the crop 67 and another placed it at 69.4, pointing to deterioration of be- tween 3 and 5 points as compared with end July figures. According to local / spot brokers, both foreign and New England mills were showing more interest in spot cotton toward the end of the week, but business between Liverpool and New York is supposed to be restrict- ed somewhat by the delays in the cable service. —_— AGENCY’S TRADE REVIEW. NEW YORK, August 12—Dunn's review of trade says: “The uncertainties of the labor situation, continuing for still another week, have mot unnaturally imposed further restraint on business ac- tivities. Various encouraging fea- tures that would otherwise attain prominence are overshadowed by ex- isting strikes, which compel wide attention and sentiment is unfavor- ably affected. With the outcome of the industrial controversies in doubt, different interests are disinclined to undertake {important new commit- ments, the disposition being to defer aggressive action and not a few transactions are prevented by the obstacles of restricted production and retarded shipments. Inability to se- cure needed material in regular chan- nels leads to the seeking of new sources of supply in some instances with the placing. of orders of an emergency character and premiums frequently rule where there is any ul%mth,e or'; flekllvelrlu. “Weekly ' bank clearings, $5,825,- 393,000.” L b —_— Shell &m‘m}.’n‘n duedzre'dh an of cents a share, iflunh,r‘u.’ - 7 gra t! Ind silk, g50aa7 in 193 Net _profit shows defictt Designed principally for women's use as a boudolr toilet article, a new razor made of celluloid has been placed on the market. It is patterned after one of the leading types of safety razors and uses the standard blades which accompany this make. The razor comes in a varlety of fin- ishes, such as Ivory, tortoise shell, amber and other colors to match toi- {letware made from the same ma- |terial. The material not only does not tarnish, but it makes the razor much lighter than the metal type. The razor is said to have met with favorable response from department stores, perfumery and women's spe- cialty shops, as well as drug and sporting goods stores. INDUSTRIAL NOTES. Beechnut Packing for six months ended June 30, 1922, reports net profits of $961,562 before making re- serves for federal taxes. Cash divi- dends for the period totaled $107,773, leaving a surplus of $853,789. ery Ward & Co. for first sx?"‘iy'.“",ii’{.'é oF 1922 report sales total- ing $38,450,810, an increase of 14.74 per cent over corresponding period in 1921, The number of individual or- ders totaled 7,381,648, the largest in any similar period in the company’s g in 1t rt to th 1] Overland in its repo: e N:‘v’v”)"laorkv Stock Exchange for first five months of 1922 shows a net loss of §1,661,262. Net sales for period to- taled $28,281,981. - 4 Missouri Pacific income for five mt;[n‘:;lns ended May 31 last shows deficit of $1,663,314, after charges and taxes. Toledo, St. Louls and West- ern’s income account for year ended December 31 lgst gives operating revenue as $9,453,240; gross revenue, $10,024,172; surplus after expenses, taxes, etc., as $1,143,290. o 5 T and the brick and clay prod- ucl: lenxdpuutrlel of Florida, a serfes of tests of Florida clays are now being conducted at Cernell. University to ! determine value of various deposits | found in that state. Shiy Ajax Rubber for six months ende Jul\’:zfl shows net profits of $191,636. Total assets and total liabilities were $13,561,278. i v Tide Water Oil reports for of 1922 surplus of $2,081,734 after de- ductions for depreciation, depletion, etc., equivalent to $4.19 & share earned on outstanding stock. This compares with deficit of $3,308,612 in corre- sponding period of 1921. -A fast brown has been added to line of wool colors by E. L du Pont de Nemours, This product is used on yarns, shoddy, raw stock, tops and he Do, It hats: In callco, tapestry American Locomotive and subsid- iaries for six months ended June 30 shows gross income, $7,399,934, a de- crease of $18,689,847 from same pefiod of 1921; gross profits show loss of $923,566, as comphred with gain of 'of $966,780, contrasted with a gain of 4,556,043 In 1921, RAILROADS. High Low. Closc. Atchison gen 48 o4 w% Atchison cv 48 '60. 103% 108% 108% Balto & Ohio pr In b Balto & Ohio 6s... B&OPLE&WVais. g2 82 & BklynRT7s'31... 2% 2% 8% Bklyn R T 7821 ctfs g2 & Canadian North 6%s u% Canadian Pac deb 48 kin Contral of Georgla 6 100% Central Pacific 4s. = Ches & Ohio cv,6s, ) Ches & Ohio cv 4145, o Chicago & Alton 3% Bl% 6% Bl% Chi & East1llgenbs... 83 8% 8 CB&Qlst&ref5s.... 10U% 101 101% 6% 60% 60% 6% €6% 66% s 1T 8 8% 3% 2% T 108% 107% 107% Chicago Rwysbs...... 8% 8 8% Chi Union Station 6%s. 116% 116% 116% Chi&WIconds....... 6% 76 6% CCC&StLref6sA... 2% 101% 101% Cleveland Term 5%s. .. 105% 105% 106% Cuba R R 5s uh % 8% Cuba R R 18t & re: 105% 105% 106% Del & Hudcv bs....... 9% 8% %% Den & RioGeonds.... Th T% % Den & Rio G 1stref5s.. 47 46% 47 Den&RioG5sBTsa. 4% 4% 4% Detroit United 4%s.... 88 8 8 Erlegends.... 6% B6% Erie 1st con 4s. ... &% 6% Erieconv4sA. 58 63 6 Erfeconv 4s B 52% 62% 62% Erfe conv 4s D. 67% 6% 5% Grand Trunk s f deb 6s. 104 106% 104 ° Great Northern gen 7s. 111% 110% 111% Great North gen 534s...103% 103% 103% Hudson & Man ref 6s... 85% 8% 8% 111 Central ref 4s. . 90% 0% 0% 11l Centra] 5%s. . 0i% 101% Inter Rapid Transit55. 70 6% 6% Inter & Grt Nor adj 6s 61% b1% 61% Towa Centralref 4s.... 45% 46% &% KanCFtS &M s 8% B0% 80% KansasCity Sou 6s.... 91% 9% 9% Kan City Term 4s. 8414 6 Lake Shore 451928 sl %Y Market St Ry cons 5t 8 8 Michigan Centraldeb4s. 9 8 8 Min & St L 1st ref 4s. . 47% 46 4% MStP&SSMconds.... 9 89% % New Or Terminal 4s N Y Central 7s. . N Y Central deb 4s N ¥ Central deb 6s . NYCentralrefimp5s... 9% %1% W% NYCentral LScol 3%s. % 78% 8% N Y Rys 18t ref 4s. 6% 36% Norfolk & West con 4s. % 2% Northern Pacific4s...... 89%a 89 834 Northern Pac 3s temp... «% 9% 1% North Pacref imp 6s.... 105% 108% 108% Ore & Cal 1st 5s. .. 100% 100 100% Ore-Wasn 18t ref 4; . BN 8% 8% Paris-Lyons-Med 68 8 % B Pennsylvania gen s, 102% 102 102% Pennsylvania 63s...... 110% 110 116% Pennsylvavia gold Peorfa & East inc 4s. Pere Marq 1st 58 Reading gen 48 RIArk &L 4%s StLIM&SR&G 4 SLUL&SFoprin 4 StL&SFprin StL&SFincé StL&SF5%sB. StL&SFad) 68 StL&SFprin 6 StLSW i1st4s Seaboard A L adj 5s. .. .. 28 Y Seaboard A L con 6s. v i’; 3 :fi 2% B £ Sou Pacific ref 4s 2%‘ g:: Southern Ry 1st 8% %% Southern Ry gen 4s. 69% Southern Ry dev 6 % Third Ave adj 5s Wabash 1st 5. ‘Wabash 2d bs. SCHWAB TO AID. INDIANAPOLIS, Ind. August 12.— Charles M. Schwab, chairman of Bethlehem Steel, announces that he will take a personal interest in the operation of Stutz Motor Car of America, Inc., which he and his asso- ciates recently purchased from Guar- anty Trust of New York. Mr. Schwab says the present officers of the com- pany will continue in office. Price cuts effective immediately are an- nounced by Mr. Schwab. ST. LOUIS FUR SALE OCT. 9. ST. LOUIS, August 11.—Fall fur sales will be held in St. Louis begin- ning October 9, it is officially re- ported. Sale will open with govern- ment furs—Alaska sealskins, blue and white foxes, wolves and lynx. The sale company’s auction will follow. EQUITABLE Co-Operative Building Association Organised 1879 424 YEAR COMPLETED $4,408,629.00 $1144404.00 Gratifying' Results From Systematic Savings e Boutapie) MRS Trings plan ot to thousands and 'fll‘:t?:’"::- L Subseriptions for the 83d Issue of Stock Being Received Shares, §2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOV EDSON. Preatdent FRANK P. REESIDE, Secy, manufacture of high- |/ oney to Loan Becured by first deed of trust on real estats. Prevailing interest and commission. Joseph I. Weller 2 Wash- L. & Trost “Never” goe of our clients lost as mc, as a le penny ig either prin- cipal or Jnterest wheh investing In Our First Mortgage Notes Every loan placed fs on & basis of our long-established policy of abmlute safety. or call Toan department . ‘Write for full informatio: Notes of $230 ' Up, to' $5,000 ' Now on Hand 923 15th M. 36 Leans and Investments. PRICES DECIDEDLY LOWER | XORE BONDS@ FOR ALL GRAIN THIS WEEK Received by Private Wire Direct to The Star Office, CHICAGOQ, August 12.—Burdensome Teceipts, slackness of demand, both domestic and foreign. and bearish as- g:eu of the government crop report W led to decidedly lower prices thi for all in. Compared with a week ago, wheat this morning was down 2% to 43, corn off 3% to 6% and oats 21 to 2%a2%, with provi- sions showing,a set back of 15 to 37. Notwithstanding transportation dif- ficulties, arrivals of wheat at prima: centers were in excess of the move-i ment a year ago, and before, as well as after the government crop report, were_accompanied by new low-price rocords for the geason. Confidence on the part of dombestic buyers gave evi- {dence of having been checked by dis- turbed industrial conditions, with for- ter of a Century RENTS Let us manage ' B. F. SAUL CO. your Rental Prop- erty. Over a Quar- 1412 Eye St. N.W. Main 2100 Invest at Home! WHEN you invest in First Mortgage Notes on im- proved property in the Capital City you not only benefit yourself but the entire community. For fifty-three yeoars we have been dealing in t Mortgage Notes Wa ington real estate without the loss of a single 3 These Notes are safe and yield as liberal an income as can be obtained con- sistent with principal con servatively invested. Full Information Upon Request Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 53 Years Without Lose to an Investor eign purchasers apparently holding|Need of rain in the corn belt was back, because of uncertainties related l‘l;en but little notice. more or less to the interallled con- ference at London. The big yield of corn forecast in rovisions were depressed, with hogs and grain. the government crop report more than offset as a bearish factor in all he grain markets the counter influ- nce of a somewhat diminished esti- mate regarding wheat. Government figures as to oats proved also a handicap on efforts to uphold grain values. Talk of a prob- able increase of the movement of wheat to Chicago was current as the ‘week drew to a close, with arrivals in the northwest from the new spring crop reported as gradually becoming liberal. Corn and oats shared the descent of wheat to new low prices for 1922. We Offer for Investment Real Estate Notes -:-;:w—vdmm.-“# his 6 PROMPT t'l"m OF INTEREST Bank of Bethesda, Md. Thones: Cleveland 1919 and Bethesds 81 FOR SALE IN DENOMINATIONS OF 500 DOLLARS AND UPWARDS 7207 %nnwéad' .%xuo Mr. Investor: $1,000 $500 First Mortgage 1409 N. Y. Ave. The Miser Has the Wrong Idea AVING doesn’t mean hoarding. Miserliness is the sav- We Offer for Immediate Sale $50,000 of 79, First Mortgages Secured on new residental property in the best Northwest sections. Every mortgage is for less than 50% of the present market value of the property. In Denominations Call or write for details. WILLIAM S. Second Trust Notes The National Mortgage and Investment Corporation On A Fair Basis Third Floor Sansbury Building 811 Vermont Avenue N.W. $250 $100 PHILLIPS Investments i 7th and Mass. Ave. ing instinct carried to extreme. You can save without denying yourself the neces sities of life or a reasonable share of its luxuries. Saving is simply thrift—the avoidance of useless expenditure, and a systematic method of putting aside regularly a reasonable portion of the money you earn. One of the remarkable things about systematic saving is that it seldlom means any sacrifice. A small part of your in- come saved regularly is not likely to be missed. An interest-paying account with this bank will prove a convenient method for systematic saving. EVERY BANKING SERVICE COMMERCIAL ON SAVINGS 3% 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 8th and H Sts. N.E. 436 7th St. S.W.